Although Bitcoin is far from making everyone happy, several sources indicate that classic bull market structures are now in place on BTC price charts.
The Bitcoin price evokes memories of the year 2020.
BTC/USD has been trading in a narrow range since the Wall Street opening on February 3rd, according to data from Cointelegraph Markets Pro and TradingView.
As traders waited for the weekend, macroeconomic data from the United States provided modest volatility but no overall trend change.
Opinions on the longer-term outlook were mixed, with some believing there was little reason to believe Bitcoin’s rally would continue.
“Seeing $50,000 calls on Bitcoin already, and we still haven’t completed a higher high and higher low market structure change,” popular trader Crypto Tony
Credible Crypto, a fellow trader, was more optimistic, doubling down on a theory that compared current BTC price action to that of late 2020, just after Bitcoin had passed its previous all-time high in 2017.
“Price action has developed beautifully off our lows, mimicking the bottom formation that preceded our previous impulse from 10k-60k+. Current consolidation (circled in green) also appears to be identical to PA from that impulse,” he wrote in an update to a related Twitter thread.
Others were concerned about a reversal in the fortunes of the US dollar, which could have a broad impact on risk assets if it continued.
For popular trader Bluntz, the US Dollar Index (DXY) was “ringing alarm bells,” revealing a move into stablecoins.
“Do we believe the DXY is done on the upside after such a long and deep sell-off? I don’t. “There’s still a lot of shorts to squeeze,” macro investor David Brady said of the dollar’s decline from twenty-year highs in Q3 2022.
